Migration and programme management

We supported the successful launch of a rejuvenated, hybrid pension scheme for a prominent UK provider

The challenge

Our client is the largest private open Defined Benefit pension schemes in the UK (£50bn+) with 380,000 members across 370+ institutions.

The Final Salary (FS) section of the scheme was closed to new members but the DB scheme continued to run at a funding deficit. This led to the trustees having to consider the options for the scheme, including the possible introduction of a Defined Contribution (DC) element.

Following consultation, a revised scheme structure was launched and we were engaged to support a number of key areas on the programme.

Our approach

We supported the programme by:

  • Producing the outline DC proposition structure and options available
  • Providing the operating model options to support the technology and investment partners
  • Designing and managing a tender process for the new partner
  • Defining the target operating model (TOM) and identification of key gaps
  • Restructuring the programme and governance with clear responsibilities and reporting lines
  • Programme managing the key events including the largest private pensions data migration

The outcome

We were able to support the successful launch of the revised scheme including:

  • Introducing a new DC section to create a hybrid DB-DC scheme
  • Market assessing platform partners and short-listing two suppliers
  • Completing heads of terms negotiations between two suppliers
  • Defining new operating model and migrated 380,000 member records to the new platform
  • USS contact centre for members
  • New self service web portal launched for the first time in USS history
  • 16 new funds launched to support the member DC elections